Citi raised its third-quarter 2026 average Brent crude forecast to $80 a barrel from $75 previously, pointing to continued back-and-forth in U.S.-Iran talks as the reason. The bank left its fourth-quarter 2026 and full-year 2027 forecasts unchanged and still expects the two sides to reach a resolution. Brent futures traded at $81.79 a barrel on Friday as oil rose alongside a report of U.S. job losses.
Citi raised its third-quarter 2026 average Brent crude forecast to $80 a barrel from $75 previously, citing the prolonged back-and-forth in U.S.-Iran dealmaking as the driver of the upgrade. The bank said it still expects a resolution to the conflict, but the delay pushed its near-term price view higher.
Citi kept its fourth-quarter 2026 and full-year 2027 average Brent forecasts unchanged, at $70 a barrel and $65 a barrel, respectively.
Oil prices climbed Friday on U.S. job losses reported by the federal government and worries over talks between Iranian and U.S. negotiators aimed at ending fighting that has lasted five months. Brent crude oil futures were up $1.18, or 1.4%, at $81.79 a barrel at 1557 GMT. U.S. West Texas Intermediate futures rose $1.03, or 1.33%, to $78.32.
Earlier this week, Goldman Sachs said it expects Brent to remain in an $80-$90 a barrel range until there is either confirmation of a new U.S.-Iran nuclear deal or a significant escalation in attacks.
Source: Commodities & Futures News
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